I recently bought a S&W Model 66 "Tulsa PD Commemorative". It's dated 1984, but it's a Model 66-1, pinned & recessed, which I'm told was replaced by the 66-3 in 1982. Was it common for guns to sit in inventory for that long before being shipped?

Model 66-2 started in 1982...thru 1985...
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When you say its dated 1984 / is the box engrave or the gun - or maybe both ??
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In the Standard Catalog - there are 2 pages of "variations" for this model ..and there is a line in the listing ...but it says only " Tulsa Police: Caliber: 357 Magnum" nothing noted about anything being etched into the gun, how many were made, etc.... Tulsa Police was in italics - probably meaning - the guns were etched with just those words.

But I think its certainly possible that the Tulsa Police bought more than a few of the model 66-1 and kept them in their armory for presentation pieces or commemoratives.

Was it common for guns to sit in inventory for that long before being shipped?

No, but it seems happen at S&W from time to time. Since S&W did (and still does) so much LE business, my guess is that these M66-1s may have been a contract overrun that was held back in case a large-volume buyer exercised an option to buy some spare guns.

It would not be the first time that a gunmaker got rid of an overrun of a discontinued or slow-selling model by making the remaining excess guns into a commemorative edition.

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